Bausch Will Look At Selling Eye Care Business If It Doesn't See Increase In Overall Valuation
CEO Joseph Papa says firm isn’t valued equal to sum of its parts. "If some of the parts don't seem to make sense or don't seem to be capturing the full value of a business,” Bausch “will look at all the alternatives for looking at things like spin-offs of parts of the business,” he says.
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“The spin-off will establish two separate companies, a fully integrated, pure play, eye health company built on the iconic Bausch Health brand and a long history of innovation, and an international diversified pharmaceutical company with leading physicians in gastroenterology, dermatology, aesthetics, neurology and an international pharma business,” says CEO Joseph Papa.
The company formerly known as Valeant, put together by a series of mergers, is ready to spin out the legacy Bausch + Lomb eyecare business that it used in its rebranding.
Bausch reported global sales of Lumify eye drops, PreserVision supplements and other consumer health products up 8.9% to $353m. However, its net loss grew to $152m from $52m in the year-ago period on a $65m dent in its income due to mass postponements of ocular and dermatologic surgeries.